A firm's employment of labor outside the country in which the firm is located
A) is outsourcing.
B) shifts the supply of labor in the original country.
C) is the marginal revenue product.
D) shifts the supply of labor in the other country.
Answer: A
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In a small town the level of demand is capable of supporting only two gas stations. This market is
A) a natural duopoly. B) perfectly competitive because a homogeneous good is being sold. C) operating as if it was a monopoly. D) an example of monopolistic competition.
In the United States in 2014, the percentage of firms that employed more than 200 workers and did not offer health insurance as a fringe benefit to the workers was about
A) 2%. B) 29%. C) 44%. D) 98%.
Given the production function Q = 21X + 9X2 - X3, where Q = Output, and X = Input
a. At what value of X does Stage II of the production function begin? b. At what value of X does Stage III of the production function begin? c. At what value of X does diminishing returns set in?
In order to simplify a complex situation, economic models often treat constraints as unalterable
Indicate whether the statement is true or false